Reapply for Hamp

My mortgage co Saxon offerred me the Hamp program to save my home. When they sent me new loan documents my trial payments was more than the original and I was afraid to accept because they said those was just trial payments and the final monthly payments could be more or less no way to know other than accepting these trial payments. Can I apply again?

Mortgage Loan Modification Answer:

The whole idea with applying for a loan modification is to get your mortgage payments reduced, not increased.

If your payments were not affordable prior to applying for a loan modification, it does not make sense that your bank would make your payments even more affordable. Having said that, I know that this has happened to many people.

It is up to you accept or deny the bank's loan modification offer. There is no guarantee that the permanent modification they offer you would be any better - and that's if they offer you one.

Yes, you may re-apply, but most banks will not allow it until you have made 12 continuous and "on time" payments on your first (or prior) loan modification, as agreed. So make sure you ask your bank when you are allowed to re-apply if it turns out you cannot afford the modified payments.

Best of luck to you!

HAMP Loan Modification Guidelines

Loan Modification Success Stories

No Upfront Fee Loan Modification

Traditional Loan Modification

Foreclosure Options

Foreclosure and Bankruptcy

Return To Foreclosure Help Center Homepage

BLOG - Questions and Answers